Algebris UK Ltd. Invests $7.50 Million in Columbia Banking System, Inc. $COLB

Key Points

• Algebris UK Ltd. bought 234,605 shares of Columbia Banking System during the second quarter, valued at approximately $7.5 million and representing about 0.08% of the company.
• Analysts have a consensus “Hold” rating on COLB, with an average price target of $33.35; shares recently opened at $31.07 after a 3.3% decline.
• Columbia Banking System reported quarterly EPS of $0.76, ahead of the $0.73 estimate, and announced a $0.37 quarterly dividend, equivalent to a 4.8% annualized yield.

Algebris UK Ltd. purchased a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 234,605 shares of the financial services provider's stock, valued at approximately $7,495,000. Algebris UK Ltd. owned about 0.08% of Columbia Banking System as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of COLB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Columbia Banking System during the 2nd quarter worth approximately $29,000. Geneos Wealth Management Inc. lifted its position in shares of Columbia Banking System by 194.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 794 shares in the last quarter. Cedar Mountain Advisors LLC boosted its stake in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $31,000 after acquiring an additional 949 shares during the last quarter. Horizon Investments LLC boosted its stake in shares of Columbia Banking System by 168.8% in the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider's stock worth $34,000 after acquiring an additional 773 shares during the last quarter. Finally, Rossby Financial LCC purchased a new stake in shares of Columbia Banking System during the fourth quarter worth approximately $36,000. Institutional investors and hedge funds own 92.53% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on COLB shares. Royal Bank Of Canada lifted their target price on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Friday, July 24th. Fundamental Research set a $35.00 target price on shares of Columbia Banking System in a research report on Wednesday, July 1st. Barclays decreased their price target on shares of Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a research note on Monday, August 3rd. Wells Fargo & Company boosted their price target on shares of Columbia Banking System from $32.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Finally, Stephens upped their price objective on shares of Columbia Banking System from $35.00 to $36.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Columbia Banking System has a consensus rating of "Hold" and an average price target of $33.35.

Columbia Banking System Stock Down 3.3%

Shares of COLB opened at $31.07 on Thursday. Columbia Banking System, Inc. has a 52-week low of $23.83 and a 52-week high of $33.67. The stock has a fifty day simple moving average of $31.72 and a two-hundred day simple moving average of $30.04. The company has a market capitalization of $8.79 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 3.18 and a beta of 0.63.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The firm had revenue of $677.00 million for the quarter, compared to analysts' expectations of $687.40 million. During the same quarter in the previous year, the company posted $0.76 EPS. As a group, equities analysts anticipate that Columbia Banking System, Inc. will post 3.03 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.48 dividend on an annualized basis and a yield of 4.8%. Columbia Banking System's payout ratio is 58.96%.

Insiders Place Their Bets

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the transaction, the chief marketing officer directly owned 18,636 shares in the company, valued at $554,793.72. The trade was a 17.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.57% of the stock is owned by insiders.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company's offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.

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